Business
Standard Lithium Reports Fiscal Third Quarter 2023 Results
Expands Project Portfolio to include Resource-Rich Texas Opportunity Advances Work Supporting Flagship Arkansas Projects Feasibility Studies VANCOUVER, British
About this update from Standard Lithium Ltd.
[{"type":"text","content":" Expands Project Portfolio to include Resource-Rich Texas Opportunity Advances Work Supporting Flagship Arkansas Projects Feasibility Studies VANCOUVER, British Columbia, May 11, 2023 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE American: SLI) (FRA: S5L), a leading near-commercial lithium company, today reported its financial and operating results for the fiscal third quarter ended March 31, 2023. \"I am happy to report a productive third quarter across our holdings,\" stated Robert Mintak, CEO and Director. \"We made continued progress and remain on schedule with the Lanxess Phase 1A Definitive Feasibility Study (DFS) and the South West Arkansas Pre-Feasibility Study (PFS) at our flagship lithium brine projects in South Arkansas. Additionally, we expanded our project development pipeline into the East Texas Smackover region and sampled what we believe to be the highest confirmed lithium grade brine in North America. With our strong cash position and business momentum, I am confident that we can keep advancing our commercial development strategy as we near the end of our fiscal year.\" HIGHLIGHTS OF THE FISCAL THIRD QUARTER OF 2023 ENDED MARCH 31, 2023 Significantly Expanded Resource Holdings Beyond Arkansas to Texas – Standard Lithium expanded its portfolio of projects in the Smackover Formation, acquiring the rights to one existing well and to drill a new deep well in East Texas. This builds on the Company’s work over the past three years to identify the most prospective areas in East Texas to secure high quality brine resources. Generated Highest Confirmed Grade Lithium Brine in North America – As part of its work in East Texas, Standard Lithium sampled, to the best of the Company’s knowledge, the highest confirmed lithium grade brine in North America, with a grade of 634 mg/L lithium. In Standard Lithium’s experience, higher grade lithium in brine used for DLE typically lowers capital expenditures and operating costs. Commenced Drilling Program at South West Arkansas Lithium Project – The drilling program, which covers two new locations and three re-entries of pre-existing plugged and abandoned oil and gas wells, will collect all necessary resource data for the upcoming PFS, as well as a majority of the resource data for the subsequent DFS. When complete, the PFS will prov...